• Armstrong has provided commercial due diligence for Three Hills Capital Partners’ investment in WPI Group, a provider of civil engineering, groundwork, and surfacing services to homebuilders in North West England.​ WPI consists of two main business units: (i) a civil engineering division, providing groundworks, sewers, drainage, and road construction services to housing developments, and (ii) a surfacing division, providing integrated surfacing solutions to homebuilders. Armstrong’s CDD report included in-depth scenario analysis of the regional housebuilding market and local [...]

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    Armstrong has provided commercial due diligence for the acquisition of adventure tour operator Wilderness Scotland by Ski Solutions, a Mobeus Equity Partners portfolio company, to form the Active Travel Group. Wilderness Scotland is a tour operator based in Aviemore in the Scottish Highlands, which offers a range of walking, cycling and kayaking tours in Scotland, the North of England and Ireland. The enlarged group will comprise Wilderness Scotland and its sister brand Wilderness Ireland, alongside Ski Solutions and outbound cycle and walking operators BSpoke and Cycling for Softies.[...]

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    Armstrong has provided commercial due diligence for Maven Capital Partners’ £20m MBO of UAP Limited, a UK supplier and distributor of door and window hardware. Founded in 1996 by David Jennings, Manchester-based UAP has an extensive and market leading portfolio of brands across key product areas such as door lock cylinders, handles, hinges, letter box plates and guards. The business now offers over 3,000 product lines and exports to 25 different countries. Armstrong’s work included detailed estimation of market demand uplift in response to fire safety regulatory change within the [...]

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    Armstrong has provided commercial due diligence for Search Consultancy Group’s acquisition of IT recruitment agency Henderson Scott. Working across a range of niche markets in both the public and private sector, Henderson Scott bolsters the strategic development of Search’s capability in the rapidly evolving growth technology market.  It also strengthens Search’s reach in London and the south east.  This deal is the first transaction in Search’s strategy to increase the number of consultants, enhance its UK coverage, and make selected bolt-on acquisitions. Armstrong [...]

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    Armstrong has provided commercial due diligence for LDC’s acquisition of summer and winter activity holiday operator Neilson Active Holidays. The business operates a range of activity-focused holidays across seven countries in Europe where it operates beachclubs, ski hotels and chalets as well as 65 yachts, exclusively for its guests who number almost 80,000 every year. In recent years Neilson has successfully capitalised on the increasing demand for activity and wellness holidays at the premium end of the market.  LDC’s investment will be used to open new hotels and extend the [...]

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    Armstrong looks into Cooke Optics Armstrong has provided customer due diligence for Cooke Optics, a manufacturer of high end cine lenses to the global film, television and advertising industries. We were first involved with Cooke in 2015, providing CDD support for Growth Capital Partners’ investment.  New investor Caledonia Investments plc is investing in Cooke to support the next phase of growth, developing new products and investing in production capacity.  The deal provides an exit for GCP at a money multiple of 4.4x. The business produces several specialist product ranges to [...]

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    Armstrong has provided commercial due diligence for FPE Capital’s investment in TNP, the provider of Microsoft Dynamics NAV enterprise resource planning (ERP) software and services to mid-sized UK corporates. Founded in 2009, TNP has around 150 staff members and 300 customers. The business has delivered consistently strong growth and is seen as a champion by Microsoft in the Dynamics space. Armstrong provided support for the transaction since mid-2017, and to FPE since late that year, on this complex multi-market business.  CDD involved 100 interviews, across 11 sectors, and was [...]

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    Armstrong has provided commercial due diligence for Bowmark Capital’s investment in global flexible workplace provider Instant Offices. Founded in 1999, Instant provides alternative methods of office procurement and management, with a focus on flexible workspace and medium-term lease solutions. The business employs 250 people in 11 cities around the world. Instant’s digital platform and innovative managed office solutions provide an end-to-end service for customers.  The business has delivered compound annual revenue growth of 30% over the past four years, growing its international [...]

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    Armstrong has provided commercial due diligence for NVM Private Equity’s investment in UK serviced office broker Flexioffices (Flexi). Led by an experienced management team, Flexi works with 3,000 flexible office facilities across London and the UK, offering a wide variety of styles and designs from traditional office space to modern and quirky. Flexi has relationships with many of the leading providers of flexible offices, and some of its major clients include ASOS, Bovis Homes, Eventbrite, Spotify, Deliveroo and Argos. The company also serves the requirements of a wide variety of SMEs [...]

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    Armstrong has supported another bolt-on acquisition for CloserStill, B2B event operator and Inflexion portfolio business. As part of CloserStill’s geocloning strategy, the business has acquired Learning, the leading corporate learning conference in the US for Chief Learning Offices and other senior corporate decision makers. The deal continues CloserStill’s strategy of expanding its successful events overseas, in this case, Learning Technologies – Europe’s largest such event. For further information on this deal, or the event management sector in general, please contact: [...]

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